The prices of industrial metals surged again this week, in large part due to investor buying. In contrast, the price of gold fell further as the dollar appreciated and the minutes of the November FOMC meeting pointed strongly to a US rate hike in December. Meanwhile, the oil market was in wait-and-see mode ahead of next Wednesday’s OPEC meeting. We expect OPEC to announce some sort of face-saving deal to curb output, but for it to have little material impact on supply.
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